Swift Transportation Co. Inc. said its revenues for the first quarter of 2004 increased 12.9% to $622.4 million,
including 7% from the acquisition of Merit Distribution Services Inc., compared with $551.3 million for the corresponding quarter of 2003.
The first quarter of 2004 includes $26 million of fuel surcharge revenue versus $23.1 million in 2003. Excluding this fuel surcharge revenue, the increase in revenues would also have been 12.9%.
Net earnings were $6.4 million or 8 cents per share, compared to $8.9 million or 10 cents per share for the first quarter of 2003. The first quarter of 2004 results include a $1.1 million non-cash pre-tax expense for the increase in market value of interest rate derivative agreements of M.S. Carriers, while the results for the first quarter of 2003 include a $100,000 pre-tax benefit for the reduction in market value of the interest rate derivative agreements.
Furthermore, the 2004 results include $3.9 million expense for the cost of the voluntary early retirement program offset by a $2.4 million gain from the sale of property. Excluding the impact of the interest rate derivative agreements, the early retirement program expense and the gain from sale of property, net earnings would have been $8.0 million (9 cents per share) in 2004 versus $8.8 million (10 cents per share) in 2003.
Swift is the holding company for Swift Transportation Co. Inc., a truckload carrier headquartered in Phoenix. Swift's trucking subsidiary operates one of the largest fleets of truckload carrier equipment in the United States with regional operations throughout the continental United States.